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METALS-Copper eases in thin trade, China property supports
March 20, 2017 / 4:53 AM / 9 months ago

METALS-Copper eases in thin trade, China property supports

MELBOURNE, March 20 (Reuters) - London copper slipped on Monday in thin trade as markets digested the results of a meeting of G20 finanial leaders, but prices remained underpinned by a solid housing market in China, the world’s top metals user.


* LME: Three-month copper on the London Metal Exchange had slipped by 0.7 percent to $5,922 a tonne by 0212 GMT, erasing small gains from the previous session.

* SHANGHAI: Shanghai Futures Exchange copper was barely changed at 47,920 yuan ($6,941) a tonne.

* CHINA PROPERTY: China’s red-hot property market picked up pace in February after price gains had slowed in the previous four months, with average new home prices in 70 major cities edging up in spite of a raft of new government curbs aimed at tempering speculative demand.

* ESCONDIDA: The labor union at the world’s largest copper mine, BHP Billiton’s Escondida in Chile, called a fresh offer of talks by management to end a 39-day strike “manipulative”.

* G20: Financial leaders of the world’s biggest economies dropped a pledge to keep global trade free and open, acquiescing to an increasingly protectionist United States after a two-day meeting failed to yield a compromise.

* COMEX SPECULATORS: Hedge funds and money managers trimmed their bullish position in copper by 4,700 lots to 52,449 lots, the lowest since early November, U.S. Commodity Futures Trading Commission data showed.

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* Asian stocks were slightly weaker early on Monday, following Wall Street’s declines and the G20’s decision to drop a pledge to avoid trade protectionism, while the Federal Reserve’s seemingly dovish stance last week continued to drag the dollar lower.


0700 Germany Producer prices Feb

1000 Euro zone Labour costs Q4

1230 U.S. National activity index Feb


Three month LME copper

Most active ShFE copper

Three month LME aluminium

Most active ShFE aluminium

Three month LME zinc

Most active ShFE zinc

Three month LME lead

Most active ShFE lead

Three month LME nickel

Most active ShFE nickel

Three month LME tin

Most active ShFE tin

ARBS ($1 = 6.9041 Chinese yuan renminbi)

Reporting by Melanie Burton; Editing by Joseph Radford

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